ECONOMY

FAGE expands its production in Greece

Leading dairy company FAGE intends to capitalize on the drastic reduction in labor costs in Greece and its improved cash flow after moving its headquarters to Luxembourg, by increasing its production activity in this country.

The firm, which accounts for 21.6 percent of the local yogurt market, according to Nielsen researchers, makes almost 70 percent of its sales abroad, but still plans to expand its production facilities in Greece despite this, it announced on Thursday.

FAGE was also boosted by a court decision in Britain on Thursday that forbids rival company Chobani from trading any yogurt as Greek unless it is made in Greece or includes yogurt made in this country.